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Greek FinMin: Debt buyback program 'must work'

Wednesday - 11/28/2012, 10:48am  ET

ATHENS, Greece (AP) -- Greek Finance Minister Yannis Stournaras says a program whereby the country will buy back some of its bonds from private investors "must work" if the country's excessive debt load is to be reduced.

The bond buyback is part of measures agreed on with European finance ministers earlier this week, including the release of EUR44 billion ($57 billion) in critical rescue loans.

Stournaras did not give details of the buyback scheme, for which he said funding to the tune of EUR13 billion-EUR14 billion has been assured. This would be on top of the loan payment. Greece's debt management agency is to give details next week.

While stressing that the program must work, the minister also said there "is a Plan B," for which he would not give details.

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